[134 Pages Report] MarketsandMarkets expects the global connected agriculture market size to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The major growth drivers of the market include government initiatives to deploy modern agriculture techniques, rising pressure to meet the global demand for food, and need to improve farm productivity.

By component type, the solution segment is expected to hold the largest market size during the forecast period

The growing need for agribusiness to effectively increase farm yield is contributing to the growth of the connected agriculture solution segment. Crop yield depends on multiple factors, such as weather parameters, soil condition, fertilizer application, and seed variety. It becomes very challenging for farmers to identify the critical factors from large data sets that can impact their farm productivity. Connected agriculture solution allows correlating a wide variety of farming data to get valuable insights for increasing productivity.

In-production planning and management application is expected to grow at the fastest CAGR during the forecast period

The in-production planning and management application area includes water and irrigation management, breeding and feed management, crop scouting, production monitoring and maintenance, animal tracking and navigation, and agri-finance and insurance management. The in-production planning and management application include varied tasks performed daily. Any mismanagement in preparing farm for the crops, and diet or tracking of the animals can cause major loss to the farmers. Hence, farmers are investing toward connected agriculture solutions that help them in managing their farming process for quality production.

Device management platform segment is expected to have the largest market size during the forecast period

The platform segment in the connected agriculture market comprises device management, application enablement, and connectivity management. Among these, the device management platform segment is expected to hold the largest market size owing to the growing requirement for access and control over connected devices used in the agriculture industry. The increasingly competitive landscape and need to meet the global food requirements enforce farmers or growers to turn to the connected agriculture platform to enhance the usage of resources for better production.

North America is expected to account for the largest market size during the forecast period

North America is expected to hold the largest market size and dominate the connected agriculture market from 2018 to 2023. The region majorly has farms with the best-in-class farming equipment, which largely contribute to the growth of the market. APAC is expected to provide lucrative opportunities for the connected agriculture vendors, owing to the increasing investments in the connected infrastructure, digital agriculture practices, and implementation of cloud-based solutions among growers in the region. However, lack of standardization for data in various regions could affect the adoption of connected agriculture solution.

IBM, a leader in offering an extensive set of solutions and services under its modern agriculture portfolio, caters to the needs of farms across the globe. The company offers Watson Decision Platform to its global clientele for leveraging the benefits of connected agriculture. The solutions help customers analyze real-time data, improve the yield, and minimize risks. As per its organic growth strategy, the company is aggressively increasing its global data center footprints to support massive big data workloads and cognitive capabilities, along with flexibility in its offerings to suit its clients’ requirements. For instance, in April 2017, IBM opened 4 new cloud data centers in the US to cater to its enterprise clients’ increasing demand for cloud infrastructure and to support the growing demand for data and cognitive capabilities.

Recent Developments

In December 2018, Iteris collaborated with Hummingbird Technologies, a UK-based drone and satellite-enabled data and imagery analytics business, for precision agriculture. The move aimed at collaborating Iteris’ ClearAg smart content onto Hummingbird Technologies’ aerial crop analysis platform. This collaboration would empower users by enhancing the ability to detect crop diseases at early stages of the crop life cycle and minimize risks while improving productivity.

In September 2018, SAP signed an agreement with CrowdFarmX, a Singaporean startup, to deploy its S/4 HANA public cloud. As per this agreement, CrowdFarmX would be able to speed up the onboarding process of farmers on its platform, thereby enabling them to connect directly to the global market. It would also assist farmers in enabling their customers to deliver high-quality and huge-quantity yields.

In October 2018, Microsoft partnered with SlantRange, a leading provider of remote sensing and analytics system for agriculture. This partnership enabled SlantRange to offer new aerial measurements and data solutions for the agriculture industry.

In June 2018, The Weather Company, an IBM business, partnered with one of the leading Indian agro start-ups, AgroStar. The partnership aims at transforming the traditional agricultural operations in rural parts and enables farmers to make informed decisions to increase productivity. As per the terms of the partnership, AgroStar would leverage the local weather forecast data and insights from The Weather Company and provide critical insights into crop disease risks and the probability of risk and disease occurrences to help farmers reduce the extent of crop damage and increase the yield.

Key Questions Addressed by the report

What are the major challenges faced while deploying connected agriculture solutions in different application areas?

What is the level of preparedness of farmers to deal with unforeseen business risks?

What are the challenges faced by connected agriculture vendors while integrating digital farming technologies with a client’s farm equipment?

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8 Connected Agriculture Market By Service (Page No. - 51) 8.1 Introduction 8.2 Consulting 8.2.1 Increasing Demand of Farmers to Improve Farm Yield With the Help of Expert Advice is Driving the Growth of Consulting Services 8.3 Integration and Implementation 8.3.1 Need to Avoid Complexities in the Deployment of Connected Agriculture Solutions to Drive the Growth of Integration and Implementation 8.4 Support and Maintenance 8.4.1 Need to Upkeep System Performance With Routine Infrastructure Maintenance is Driving the Growth of Support and Maintenance Services Segment

9 Connected Agriculture Market By Application (Page No. - 56) 9.1 Introduction 9.2 Pre-Production Planning and Management 9.2.1 Field Mapping 9.2.1.1 Accurate Positioning of Seeds and Monitoring of Soil Condition to Drive the Demand for Field Mapping Application Segment 9.2.2 Crop Planning and Yield Monitoring 9.2.2.1 Need for Maximizing Crop Production to Push Farmers to Adopt Connected Agriculture Solution for Crop Planning and Yield Monitoring Application 9.2.3 Weather Tracking and Forecasting 9.2.3.1 Need to Minimize the Environmental Effect on Crop Production to Drive the Adoption of Weather Tracking and Forecasting Application 9.2.4 Farm Labor Management 9.2.4.1 Need for Adequate Management of Labor to Reduce the Cost of Crop Production is Increasing the Deployment of Farm Labor Management Application 9.2.5 Equipment Monitoring and Maintenance 9.2.5.1 Need to Minimize Labor, Time, and Cost Involved in Farming Processes to Drive the Demand for Equipment Monitoring and Maintenance Application 9.3 In-Production Planning and Management 9.3.1 Water and Irrigation Management 9.3.1.1 Need for Enhancing Water Efficiency and Gain A Profitable Yield to Increase the Adoption of Water and Irrigation Management Application 9.3.2 Breeding and Feed Management 9.3.2.1 Need to Increase Animal Productivity and Plan Optimal Diet for Animals to Drive the Adoption of Breeding and Feed Management Application 9.3.3 Crop Scouting 9.3.3.1 Automation of Croup Scouting Process to Drive the Demand for Crop Scouting Application 9.3.4 Production Monitoring and Maintenance 9.3.4.1 Need to Maximize Crop Yield From the Farmland to Drive the Demand for Production Monitoring and Maintenance Application 9.3.5 Animal Tracking and Navigation 9.3.5.1 Need to Improve the Productivity of Animal Driving the Demand for Animal Tracking and Navigation Segment 9.3.6 Agri Finance and Insurance Management 9.3.6.1 Growing Focus on Farmers to Make A Higher Investment in Farming Practices and Lowering the Risk Associated With Damage of Crops is Driving the Demand for Agri Finance and Insurance Management Segment 9.4 Post-Production Planning and Management 9.4.1 Processing 9.4.1.1 Need to Convert Raw Product Into A Valuable Marketable Product to Drive the Processing Segment 9.4.2 Inventory Management 9.4.2.1 Need for Adequate Storage of Farming Product is Driving the Demand for Inventory Management Application Segment 9.4.3 Transportation 9.4.3.1 Need for Streamlining Time to Market is Driving the Demand for the Transportation Application Area 9.4.4 Quality Assurance and Control 9.4.4.1 Need to Improve Quality of Products and Effective Control Measures is Driving the Quality Assurance and Control Segment

10 Connected Agriculture Market By Region (Page No. - 66) 10.1 Introduction 10.2 North America 10.2.1 United States 10.2.1.1 Automation of Farming Processes for Increasing Production to Drive the US Connected Agriculture Market 10.2.2 Canada 10.2.2.1 Deployment of Connected Agriculture Solution to Track Animals to Fuel the Market Growth in Canada 10.3 Europe 10.3.1 Germany 10.3.1.1 Developed Communication Infrastructure to Propel the Market Growth in Germany 10.3.2 United Kingdom 10.3.2.1 Digital Farming Practice to Drive the Adoption of Connected Agriculture Solution and Services in the United Kingdom 10.3.3 France 10.3.3.1 Increasing Focus on Environment Protection to Encourage Deployment of Connected Agriculture Solution in France 10.3.4 Rest of Europe 10.4 Asia Pacific 10.4.1 Australia and New Zealand 10.4.1.1 Initiatives By Agriculture Committees and Organizations to Drive the Adoption of Digital Agriculture Technologies 10.4.2 China 10.4.2.1 Growing Need Among Agriculture Stakeholders to Adopt Smart Techniques to Fuel the Market Growth in China 10.4.3 Japan 10.4.3.1 Rapid Development of Connected Agricultural Equipment to Drive the Market in Japan 10.4.4 Rest of Asia Pacific 10.5 Middle East and Africa 10.5.1 Kingdom of Saudi Arabia 10.5.1.1 Increasing Investments in Aquaculture to Drive the Connected Agriculture Market in the Kingdom of Saudi Arabia 10.5.2 South Africa 10.5.2.1 Government Initiatives to Boost the Market Growth in South Africa 10.5.3 Israel 10.5.3.1 Shortage of Labor to Boost the Adoption of Connected Agriculture Solution and Services in Israel 10.5.4 Rest of Middle East and Africa 10.6 Latin America 10.6.1 Brazil 10.6.1.1 Increasing Awareness About Advanced Agriculture Techniques to Drive the Adoption of Connected Agriculture Solution and Services in Brazil 10.6.2 Mexico 10.6.2.1 Digital Revolution in the Agriculture Vertical to Boost the Market Growth in Mexico 10.6.3 Rest of Latin America

The study involved 4 major activities in estimating the current market size for the connected agriculture market. Exhaustive secondary research was done to collect information on the market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments of the connected agriculture market.

Secondary Research

In the secondary research process, various secondary sources, such as D&B Hoovers, Bloomberg BusinessWeek, and Factiva have been referred to, to identify and collect information for this study. These secondary sources included annual reports, press releases and investor presentations of companies, whitepapers, certified publications and articles by recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The connected agriculture market comprises several stakeholders, such as connected agriculture vendors, system integrators, consulting service providers, resellers and distributors, research organizations, government agencies, enterprise users, technology providers, venture capitalists, private equity firms, and startup companies. The demand-side of the connected agriculture market consists of farmers, growers, cooperatives, agribusiness, seed companies, fertilizer companies, and food and beverage companies. The supply-side includes connected agriculture providers, offering connected agriculture solutions and services. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:

Market size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the connected agriculture market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the industry and markets have been identified through extensive secondary research.

The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides.

Report Objectives

To define, describe, and forecast the connected agriculture market by component (solution, platforms, and services), application, and region

To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market

To analyze the market with respect to individual growth trends, prospects, and contributions to the market

To forecast the market size of 5 main regional segments, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America

To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market

To profile the key players in the market and comprehensively analyze their core competencies in each microsegment

To analyze the competitive developments, such as agreements, partnerships, alliances, and acquisitions, in the connected agriculture market